CALGARY, May 27, 2014 /CNW/ - Petrowest Corporation ("Petrowest") (PRW: TMX) announced today that it has closed the previously announced (May 5, 2014) acquisition of all the shares of Enviro-Mulch Land Clearing Solutions Ltd. for the purchase price of $6.36 million plus the assumption of approximately $2.3 million of debt. Subsequent to closing, approximately $0.8 million of this assumed debt will be converted to an operating lease. The purchase price was paid with approximately $3.64 million in cash and the issuance of approximately 2.87 million Class A common shares of Petrowest having a value of approximately $2.73 million (based on a price per share of $0.95).
Enviro-Mulch Land Clearing Solutions Ltd. is an environmentally sound land clearing and construction site preparation company operating in northeast British Columbia and northern Alberta.
Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.
SOURCE: Petrowest Corporation
For further information: Richard Quigley, President and Chief Executive Officer, at (780) 830?0881, or Ian Hogg, Vice President, Corporate Affairs, at (403) 384-0407 or [email protected]